No one can deny the fact that either you have a small business or enormous, you require an accounting firm. The main purpose of hiring an accounting firm is for handling the different financial tasks. It is mandatory that public companies must follow specific rules that are established by the SEC. The term SEC stands for the Securities and Exchange Commission.
Accounting firms are specialized in different financial tasks. These tasks include tax management consulting, mergers and acquisitions, and forensic accounting. There are different kinds of accounting firms. The businessmen need to choose the accounting firm according to their business needs. Here comes the list of different kinds of accounting firms.
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Public Accounting Firms
Public accounting firm works on employing the CPAs. The term CPAs stands for certified public accountants. They have the focus on different areas such as audit, management consulting, tax, and so on. When it comes to the services, here comes the list of some of them.
1. Looking for the financial statement that requires the laws and regulations.
2. Work on preparation of tax returns and ensure that tax must be paid timely
3. Review the accounting system
4. Focus on the financial operations
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Tax accounting business
The major area of the tax accounting firm is the preparation and planning of tax for companies of different sizes. They recruit the CPAs. Additionally, tax accountants must have the knowledge about latest tax laws. Along with it, tax laws vary from the GAAP.
The term GAAP stands for the Generally Accepted Accounting Principles. Some of the tax accounting firms have the requirement that their employees must do different education courses. Due to it, they will get in touch with the latest tax laws and various other tax planning strategies.
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Forensic Accounting services
Forensic accounting services have the main focus on accounting skills and legal policies. These are utilized for the purpose of uncovering fraudulent and illegal activities. Along with it, public and private companies usually give preference to forensic accounting firms.
The main purpose of hiring them is investing financial records. The forensic accountant team usually works with local and federal enforcement.
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Bookkeeping service firms
Bookkeeping firms work on completing the fundamental accounting tasks for the different sizes of companies. Bookkeepers do not require any certification but they may look for the certifications. There are various services offered by the bookkeeping services. Here comes the list of services such as:
1. Accounts receivable
2. Accounts payable
3. Bank reconciliation
4. Credit sales reconciliation
5. Financial statement preparation
6. Preparation of accounting and so on.
So, these are the different kinds of accounting firms. When choosing the accounting firms, you need to give preference to your requirements. Once you know about the requirements, you will be able to make the right decision.
In the end, with the help of the above-mentioned information, you will get an idea about different kinds of accounting firms. So, choose wisely and get your financial tasks done accurately.